专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。珍酒李渡集团、华致酒行董事长 吴向东出席 接受致敬。绿地集团董事长、总裁张玉良，全聚德集团党委书记、董事、总经理周延龙，联合国前副秘 书长金垣洙为其见证荣誉。 致敬词： 他是传统酿造精神与现代商业智慧融合的践行者，始终致力于推动中国酒业发展。酒业深度调整之际， 他坚守"长期主义"，推出战略级产品"大珍·珍酒"和"牛市啤酒"，开创全新商业模式。他更以躬身践行的 姿态，打造冠绝酒业群雄的超级IP。他用行动证明，在这个追求速度的时代，沉心打磨品质，才是最持 久、最珍贵的竞争力。 金垣洙回忆了一年前赴珍酒李渡的经历，他表示 ，珍酒酿造工艺独特、管理科学规范、产能规模宏 大。这杯酒，是匠心、科技与自然共酿的杰作。 张玉良表示，希望珍酒李渡在未来，无论是风雨还是阳光，都能持续地为国家和白酒产业、消费者提供 更多优质的产品和服务。 吴向东在发表感言时表示，希望中国民族的产品能够持续地走下去，不仅深耕中国也能够走向国际舞 台。"希望更多国家的人民会喜欢我们的白酒"，吴向东说。 以下为发言实录： 金垣洙：大家晚上好！很高兴受 ...

每经AI快讯，珍酒李渡(06979.HK)涨超6%，截至发稿，涨6.47%，报9.05港元，成交额8459.65万港元。 ...

消息面上，1月29日，第三方平台数据显示，53度、500ml飞天茅台酒批价继续上涨。其中，2025年飞 天茅台原箱较上一日上涨20元/瓶，至1620元/瓶。此外，2026年飞天茅台原箱亦较上一日上涨20元/瓶， 至1610元/瓶。国盛证券（002670）指出，白酒春节旺季动销逐步启动，茅台动销与批价反馈有望引领 行业实现超预期改善，短期建议关注春节刚需，中期布局各价位带龙头。 珍酒李渡(06979)涨超6%，截至发稿，涨6.47%，报9.05港元，成交额8459.65万港元。 开源证券表示，当前白酒板块估值处于近年来低位、市场预期低且筹码结构较好，基本面接近底部，具 备布局价值。春节旺季备货将成为板块业绩的核心催化，建议布局两条主线：一是关注调整充分、后续 具备高弹性的标的；二是业绩稳定性强、抗风险能力突出的行业龙头。 ...

开源证券表示，当前白酒板块估值处于近年来低位、市场预期低且筹码结构较好，基本面接近底部，具 备布局价值。春节旺季备货将成为板块业绩的核心催化，建议布局两条主线：一是关注调整充分、后续 具备高弹性的标的；二是业绩稳定性强、抗风险能力突出的行业龙头。 智通财经APP获悉，珍酒李渡(06979)涨超6%，截至发稿，涨6.47%，报9.05港元，成交额8459.65万港 元。 消息面上，1月29日，第三方平台数据显示，53度、500ml飞天茅台酒批价继续上涨。其中，2025年飞 天茅台原箱较上一日上涨20元/瓶，至1620元/瓶。此外，2026年飞天茅台原箱亦较上一日上涨20元/瓶， 至1610元/瓶。国盛证券指出，白酒春节旺季动销逐步启动，茅台动销与批价反馈有望引领行业实现超 预期改善，短期建议关注春节刚需，中期布局各价位带龙头。 ...

值得关注的是，与雷军、俞敏洪、余承东等深耕短视频领域多年的企业家不同，吴向东的个人视频号去 年7月才开始运营。截至2025年年末，"吴金东—珍酒李渡"账号累计发布视频137条，总播放量突破4亿 次，总点赞159.2万、总评论17.1万、总转发134.2万，总喜欢156.4万。其中，千万级播放量视频13条， 单条视频最高播放量超8000万，成为2025年企业家IP打造的最强"黑马"。 本报讯 （记者梁傲男）1月22日，正和岛联合新榜发布2025年度《企业家视频IP100榜单》。珍酒李渡 集团有限公司（以下简称"珍酒李渡"）董事长吴向东视频号"吴金东—珍酒李渡"，凭借广泛关注度和影 响力，位列榜单第三。排名前五位的企业家分别是雷军、周鸿祎、吴向东、俞敏洪、余承东。 正和岛在上榜评语中表示，在宏观经济持续调整背景下，吴向东摒弃传统企业家的严肃面孔，转而以极 具"网感"的共情表达与真诚赤子之心，在众声喧哗中构建了独树一帜的IP壁垒，为酒业发展传递信心， 提供思路，也为外界观察酒业提供了一个极具价值的窗口。 在吴向东的视频内容里，他分享酿造工艺、行业洞察与市场一线走访实录，也讲述美食文化、社会责任 实践和人生思考等多元 ...

预计2026年啤酒行业将在底部位置温和复苏，建议关注渠道控制力强、具备品牌溢价能力的行业龙头。 近期头部酒企陆续召开重要会议，传递调整、改革、渠道再平衡决心，有利于行业长期健康发展。 2025年四季度以来，白酒头部企业均采取持续控制发货、为经销商减负、促进开瓶动销等措施，以降低 渠道库存。综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春节消费场景等诸多因素，机构 判断2026年春节白酒实际动销有望维持平稳，无须过度悲观。 中信证券研报指出，白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习吸收龙头企业 进行的渠道、产品等多维度改革经验。我们认为，行业或在新改革和新方向下重新聚焦市场培育和消费 者教育，促进开瓶动销并为经销商减负。 综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春节消费场景等诸多因素，我们判断2026年 春节白酒实际动销有望维持平稳，无须过度悲观。 再考虑到后续逐步复苏趋势明确，中信证券看好白酒行业底部配置机会。 智通财经获悉，中信建投指出，白酒产业"五底阶段"与资本市场"三低一高"共振，结合近期市场策略相 继落地，站在春节旺季来临之际，认为本轮白酒调整期拐点将至， ...

Core Viewpoint - The recent surge in the A-share market and the popularity of the premium craft beer "Bull Market" from Zhenjiu Lidou Group highlight a strong correlation between the capital market and consumer sectors, creating a vibrant consumption atmosphere [1]. Market Performance - On January 19, the Shanghai Composite Index surpassed 4,100 points, closing at 4,114.00 with a gain of 0.29%, while the Shenzhen Component Index rose by 0.09% to 14,294.05, with a total trading volume of 2.71 trillion yuan [1]. - Zhenjiu Lidou (06979.HK) shares increased to 8.36 HKD, reflecting a rise of over 6% in the past month [1]. Product Launch and Popularity - Zhenjiu Lidou Group launched its first premium craft beer, "Bull Market," on August 8, 2025, which has gained significant attention on social media platforms like Douyin and has consistently topped sales charts on e-commerce platforms such as Tmall and JD [1][12]. - The beer is marketed as a "super beer," with its hop content being 20 times that of regular beer, resulting in a cost of approximately 700,000 yuan per ton compared to 35,000 yuan per ton for ordinary hops, making the hop cost 400 times higher [5][4]. Quality and Ingredients - "Bull Market" beer is crafted using high-quality ingredients sourced globally, including hops from Yakima Valley in the USA, barley from Canada and Australia, and premium yeast from Germany and Belgium, along with natural spring water from Moganshan [4]. - The beer's development took three years, emphasizing the importance of taste, which led to a one-year delay in its market launch to ensure an exceptional flavor experience [8]. Health Perspective - The chairman of Zhenjiu Lidou, Wu Xiangdong, challenges the common perception that beer is a high-purine food, suggesting that the purine content is often derived from accompanying foods rather than beer itself [6]. - He advocates for a balanced view of beer consumption, emphasizing that enjoying high-quality beer can be part of a healthy lifestyle [6]. Cultural Integration - "Bull Market" beer incorporates elements of Eastern "good luck" culture into its branding, with its logo symbolizing both the letter "N" for "News" and the mathematical symbol "π," representing endless possibilities and good fortune [10][12]. - This cultural depth enhances the product's appeal, making it not just a beverage but a cultural symbol that resonates with consumers' desires for both material and spiritual satisfaction [12]. Market Impact and Future Outlook - The successful launch of "Bull Market" beer has positively impacted Zhenjiu Lidou's stock performance, increasing investor confidence and demonstrating a beneficial interaction between consumer brands and capital value [13]. - The beer is positioned to continue capturing market share and leading consumer trends towards a lifestyle that values quality and emotional investment [13].

Core Viewpoint - The second summit of the Baijiu Heritage Application Co-Creation Alliance highlighted the importance of applying for world heritage status for Chinese Baijiu, with a focus on cultural preservation and the unique aspects of Baijiu production [1][5]. Group 1: Event Overview - The summit took place on January 18 in Jingdezhen, Jiangxi, attracting 6.59 million viewers online, with a peak concurrent viewership of 213,500 [1]. - Wu Xiangdong, Chairman of Zhenjiu Lidu Group, delivered a live broadcast titled "Human Heritage Matters," discussing the significance of world heritage and its protection [3]. Group 2: Heritage Application Insights - Wu emphasized that the "Jingdezhen Handcrafted Porcelain Heritage" is set to be nominated as a world heritage site in January 2025, which could serve as a reference for Baijiu's heritage application [5]. - Despite the rich history and unique brewing techniques of Chinese Baijiu, it has yet to be recognized as a world heritage, with existing listings primarily featuring wine and beer [5]. - The application process for Baijiu heritage status has been ongoing since 2006, involving major brands like Moutai, Lidu, Wuliangye, and Fenjiu [5]. Group 3: Challenges and Recommendations - Current world heritage evaluations focus on endangered projects, which may disadvantage the large and thriving Chinese Baijiu industry in terms of urgency [5]. - Wu suggested exploring alternative application pathways, such as leveraging the French Burgundy region's "terroir" concept and highlighting the unique microbial diversity involved in Baijiu fermentation [5]. - The complexity of the microbial system in Baijiu production, with over 300 types of bacteria, distinguishes it from other distilled spirits [5]. Group 4: Cultural Engagement and Industry Impact - During a dialogue segment, participants discussed enhancing the experiential and relatable aspects of cultural heritage to engage younger audiences [7]. - Wu stated that the heritage application process is more about uniting industry efforts and articulating cultural value than merely achieving success [7]. - The live broadcast sparked significant attention and discussion within the industry, reinforcing Zhenjiu Lidu's leadership role and commitment to heritage preservation [9].

Core Viewpoint - The 20th China Brand Person Annual Conference will be held on December 29, 2025, in Shenzhen, focusing on the theme "Who Earns Respect for China," gathering over 2,000 elites from various sectors to reflect on the development of Chinese brands and explore new trends and opportunities in brand building [3][12]. Group 1: Innovation and Achievements - The company has implemented an innovative business model through the "Zunyi Forum," hosting 75 forums that attracted over 10,000 participants and generated over 600 million in revenue within 200 days, a significant achievement in a declining industry [5][14]. - The company has adopted a strategy of "one out, one in" for recruitment in certain regions, indicating a shift in operational focus [5][14]. Group 2: Seven Innovations for Business Breakthrough - The company has identified seven areas of innovation: super links, super products, super channels, super communication, super organization, super brand, and super experience, which have contributed to its business breakthroughs [5][14]. - A shift from large conferences to smaller forums has improved conversion rates from initially low percentages to significantly higher levels [5][14]. Group 3: Industry Challenges and Successful Case Studies - The liquor industry is facing challenges such as severe price inversion, affecting all channels [6][15]. - Successful case studies include Pop Mart, which saw a 16-fold increase in market value by creating a super product, LABUBU, and Huawei, which transformed its business model to achieve significant market success [6][15][16]. Group 4: Product Development and Market Positioning - The company has launched a super product, "Dazhen," priced at 600 yuan, which competes with products priced at 3,600 yuan, and is recognized as one of the hottest liquors in the market [8][18]. - The company is also developing a super beer with 20 times the amount of hops used in regular beer, positioning it as a leading new brand in the premium beer segment [8][18]. Group 5: Future Exploration and Incentives - The company is exploring new product lines, including a low-alcohol beverage and a health drink for women, aiming to maintain health into old age [9][19]. - A special equity incentive policy is in place to encourage sales, offering free shares of the listed company to those who assist in selling products [9][19].

Investment Rating - The report maintains a positive investment rating for the industry, highlighting a favorable outlook for the tourism and leisure sectors due to government policies aimed at boosting domestic consumption and service spending [1][35]. Core Insights - The report emphasizes the recovery of domestic tourism, with expected growth rates of 12% in revenue and 18% in visitor numbers for Q1-Q3 2025, driven by sustained leisure travel demand and the rise of experiential consumption [1][35]. - The overall tourism market is projected to grow by over 10% for the year, supported by government initiatives such as promoting spring and autumn travel and issuing cultural tourism consumption vouchers [1][35]. - Key companies recommended for investment include China Duty Free Group, Jin Jiang Hotels, Shouqi Group, Tongcheng Travel, and Ctrip Group, alongside high-growth tea beverage stocks like Gu Ming and low-valuation restaurant growth stocks like Green Tea Group [1][35]. Summary by Sections 1. Restaurant Sector - Offline consumption is gradually recovering, with Q4 restaurant revenue showing steady growth, achieving 519.9 billion and 605.7 billion yuan in October and November 2025, respectively, with year-on-year growth of 4.99% and 4.40% [7][10]. - Leading restaurant companies are recovering faster than the industry average, with significant revenue increases noted for major players [10][14]. 2. Tea Beverage Sector - The tea beverage sector has seen a surge in same-store sales growth due to delivery subsidies, with leading brands like Gu Ming and Hu Shang A Yi maintaining high growth rates of 15-20% [7][10][14]. - The number of new store openings has doubled compared to 2024, indicating aggressive expansion strategies among top brands [16]. 3. OTA (Online Travel Agency) - The recovery of outbound travel demand is evident, with strong performance in Southeast Asia routes and a notable increase in visitor numbers to Japan and South Korea [20][24]. - The report highlights the long-term profit potential of leading OTA companies like Ctrip and Tongcheng Travel, driven by the ongoing recovery in leisure travel demand and improved commission rates [24][25]. 4. Hotel Sector - The hotel industry is expected to see a stable RevPAR (Revenue per Available Room) in Q4, with a year-on-year growth of 6-8% in room supply [29][30]. - Major hotel chains like Shouqi and Jin Jiang are projected to maintain or improve their performance, benefiting from cost reductions and increased guest traffic during holiday periods [29][30][31]. 5. Investment Recommendations - The report suggests focusing on the travel sector, particularly companies involved in OTA, hotels, and scenic spots, as they are likely to benefit from favorable government policies [1][35]. - Additionally, it recommends investing in high-growth tea beverage stocks and undervalued restaurant growth stocks, indicating a diversified approach to capitalizing on the recovery in consumer spending [1][35].